Interview with bookmakers nightmare – Bethereum!

We like every project focusing on their community with more than just idea. However, there are too many projects investing a lot of money to proper marketing so we need to dive in more deeply. This is the reason why we ask Bethereum for a tough interview.

Bethereum is a betting platform based on Ethereum and powered by Smart Contracts and Oracle technology. Their platform leverages blockchain technology to ensure a fair, transparent and effective method of betting between individuals. There are no middlemen involved, everything important is governed by the Smart Contract. Rewards are automatically paid out, with a small part of the victor’s pot being charged for the use of the platform. For more info visit their full profile. Now, here is the interview:

Have you released the results of the Smart Contract audit yet?

We had a professional company auditing our smart contract. They do audits for many multinational customers and even banks. Audit was passed. The Smart Contract audit results are available on our here.

Will it be listed at major Exchanges?

Yes – we already have one Top 10 confirmed, and a Top 50 (but growing strongly, that’s why we chose that one). We’ll get another Top 10 or Top 5, we are sure about it – it’s more about choosing the right one.

What criteria do you use to prospect potential exchanges?

Peter Gal (one of our co-founders) is, along with our main contact, an expert who helped place various Tokens on exchanges. We look at reputation, stability, trading volumes, the amount of tokens, the strategy of the exchange, cost to be listed, centralisation and of course Infrastructure protection.

Why you chose to use Ethereum as your blockchain? Is there any possibility to move to a different blockchain which is more performant in speed terms and less costly in terms of gas fees?

We believe it’s the most popular and reliable blockchain currently – already with a ton of competent developers. The community support is also incredible. It’s the obvious go-to choice. Technically it’s possible to move to a different chain, however it’s not in our pipeline in the near future.

Do you have a more precise estimate of what the size of your target audience will be? As in, what % of the global football betting population you can expect to capture as your audience or other similar statistical count.

Just to put some general stats first. The overall gambling and betting market is estimated at UP to 3 trillion dollars. That includes about 80% underground activities. Betting is 30 to 40% of that. We are going to compete mostly in the online betting space. We have a business case, but I would say we count on getting 1-2% of that market. However, what is very important is that the current betting market is almost ignoring casual bettors (those intimidated by the complexity and trust issues of conventional betting). That’s a whole new audience we want to reach and capture as widely as possible.

Can one set up a private non-sport related bet between friends?

Yes! User created bets are also in our roadmap. We will provide multiple different kinds of data-feeds, such as political events. If its a bet just between a few friends, on a topic that can’t be decided by a data-feed, we’re working on a “community judging” system.

Why potential volatility of BTHR would not be a problem for average-Joe-want-to-make-a-bet?

Volatility is normally not a problem for most casual bettors – it’s part of the fun of being in crypto. However, we’re looking into removing volatility for selected bettors that find it very important. The final solution is not fully mapped out, but it will involve a set of automated exchanges..

5% commission on winnings might discourage “serial-bettors”. How do you plan to attract professional or dedicated bettors over standard platforms such as Betfair or Bet365?

A 5% commission fee means that bettors need to win 51.3% of the time to stay equal. Betfair has the same commission at the moment (in some countries 6-7%). We know they plan to go lower, but there are many other hidden fees in their model (e.g. the premium charges when you start winning too much). Our commission is not all taken by us. It is also used for token burning (10%), increasing the token value for bettors as well, transaction gas price and partially returned for special events: “Bet on the world cup for the chance to win 200K dollars of tokens!”

Your success will depend mostly on marketing and how viral you can make the use of the Betting App. What is your strategy to promote Bethereum? Will you have airdrops to attract new users?

We have the world record in Telegram community increase within 48 hours. We did this organically, mostly via a truly innovative bounty system and we kept growing both size AND activity via social engagement games and competitions. So yes, marketing is critical and we allocated 40% of the token sale results to marketing. But we want ORGANIC virality to minimise the user acquisition costs. That, we know how to do.

Thanks for your answers!

You are welcome! Thanks for a chance to answer more than just basic questions.